Switzerland is not exactly the easiest place in the world to open a banking account. Due to different regulations and agreements that prevent money laundering and tax evasion, both individual and business clients will be asked to provide their bank of choice with quite a lot of documents and information. Transparency of your financial dealings is very important to your Swiss bank.

To begin with, as in any other place in the world, you will need to provide

• your bank of choice with a document that proves your identity (a valid passport, ideally original, although legalized copies are also allowed),
• along with proof of your residence address in Switzerland. This can be done by showing your utility bill (a phone bill is not sufficient).
• You also need to bring with you a service agreement with a company that employs you, or a bank statement, website address and other documents showing that you are self-employed. 

Typically, as a prospective customer, you will be asked questions about the type of account you want to open - what will it be used for? What amount of money would you like to deposit on it, or maybe invest? What will be the types of transactions you’d be using it for, and what was the source of the deposited money? You will need to be able to prove that your finances were lawfully earned. 

One should remember, that among more than 200 banks operating in Switzerland, many specialize in rather narrow business areas. It’s good to consider first if the account you need is just a basic current account, with a debit card and online banking, to pay your bills and do daily transactions online, or maybe you look for a more boutique solution. For business clients, the set of questions involves also information about the type of business you’d be running, and if the business happens in Switzerland or abroad. Bank officers want to know if you have a political role (aka are you politically exposed, in which case the procedures become even more strict), if you’re from the USA (in case you’re an American citizen, it becomes close to impossible to open an account in Switzerland - and some would recommend bringing only your second passport, in case you have one, with you), and if you happen to be working in some of the more sensitive industries - night clubs, mining, entertainment, etc. 

Opening an account entails a visit in person in a local branch, but in some cases, it will be also possible to start the process via a correspondent bank in your country of residence. In case you are able to open an account while abroad, you might still be requested to send all of these documents via post. Some banks will agree to work with an official representative of your estate or business. For registering a business in Switzerland read this article.

As of today, there are more than 400 securities dealers and banking institutions in Switzerland, some of them specializing only in services tailored to the needs of a local community, or a business niche. There are also the giants - "Two Big Banks" - UBS Group AG and Credit Suisse Group AG, which make up for over 50% of all deposits in the country. These two banks have also great, wide-reaching network of branches and cash machines and international presence. Considering their size, the Federal Banking Commission in this Alpine country takes extra precautions and supervises these two banks especially closely. 

• UBS is a relatively young institution, as it came to life in 1998, but it combines some of the oldest financial players in the country: Union Bank of Switzerland and Swiss Bank Corporation, whose merger created what is now UBS. As one of the biggest banks, it as a great network of ATMs and branches. They also offer several banking products customized for various clients, such as personal banking, business banking, corporate accounts, as well as savings and current options, and many of the most basic ones will come with both a credit and a debit card, either Maestro or Visa. Among its interesting solutions are bank accounts for families and couples, for young people as well as undergraduates and postgraduates, young professionals and even cross-border commuters and clients domiciled abroad. It gives you quite a lot of space to find just the right type of banking solution you need. 

• Credit Suisse is a global player - as a wealth manager, investment bank and financial services provider with an international presence. The bank, which has a long history, reaching back to the 19th century, maintains an extensive ATM network of its own and through its partners. There is a wide selection of banking packages on the website of the bank. Young people get a bunch of perks with an account that does banking services, payments, and savings, but also gives cinema discounts, has mobile payments, online and mobile banking, and even a… discount on your brand new Swatch! 

• CIM Bank, or CIM Banque, is a Swiss bank that operates largely online and is available in French, English, Italian, Russian, Spanish, Portuguese and German languages. It also allows opening an account entirely online, without the need to visit a branch. You can even opt for a multicurrency account with CIM, with many currencies to choose from - including the Russian ruble, Chinese Yuan, Hong Kong Dollar, CHF, etc. You get a free prepaid card with it, free access to online banking and the opening doesn’t cost you a thing - but you need a deposit of 5000 Eur/5000 USD/5000 CHF to start it. 

• Post Finance is a Swiss bank run by the national post office. They offer a choice of various accounts in 10 different currencies, including the Euro. Some of these accounts come with free cash withdrawals abroad, online and mobile banking, and, as it tends to be, it will be easy to locate a local branch or a cash machine, as post offices are ubiquitous in every country. 

Normally, most of the bank accounts in Switzerland will cost you monthly between 3-5 CHF. What’s great is that it’s a country with 3 national languages and a huge international community, where one can count on customer service in English, German, French, and Italian, and often many other languages.